Friday, March 7, 2014

Homeowners associations explained

Today, many home buyers in Metro Manila favor the tight security of gated communities and the convenient locations of condominium developments. These popular real estate options often have one thing in common: a homeowners associations. When buying into a residential community, the homeowners association rules are part and parcel of your lifestyle as a homeowner in the community. Read on...

When buying into a residential community, the homeowners association rules are part and parcel of your lifestyle as a homeowner in the community.

Monthly dues

Homeowners associations require monthly dues, usually priced on a per square meter area basis, depending on your property or condo unit’s area. When considering a property, know the running rate of the monthly dues and how rate increases are set. These monthly dues are used to cover the maintenance of common areas and facilities, as well as to employ staff and security in the building or community. Keep in mind that you need to pay the fees even if you won’t be using the community facilities. Decide whether these costs are something you can afford and if you are willing to commit to it over a long term. 

Rules and regulations

Homeowners associations also have rules and regulations on several factors that could very well affect your home life. Communities with uniform houses sometimes have restrictions on house colors, designs and renovations. There may also be rules on pets, particularly in condominium buildings. Rules and regulations vary from one residential community to another, so it’s best to ask about these rules prior to buying a home.

Determine the level of restriction you’re comfortable living with, and how much monthly dues you can afford and are willing to pay. These are factors that have to be considered when buying into a residential community.


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